As we enter a difficult financial period, we’re all tightening our belts.
And for small business owners, like the rest of us, every penny counts.
You’re probably already planning for things to look a little different in the New Year and searching for the wisest ways to balance the books. But if you’re looking to cut back costs, these are just a handful of tips for Yorkshire business owners in 2023.
- Leave the office behind
Since the pandemic, many employers have observed a shift in remote productivity which has led to this long-resisting work setup to be widely adopted.
But as companies are making less use of the office, many of them are letting go of long-rented working spaces in favour of more flexible options.
Huddersfield is home to meeting room and lab space at the 3M Buckley Innovation Centre, a diverse hub of creativity and collaboration. The flexibility means you can still bring your team together in person while making the most of remote working.
- Go digital
The internet is ripe with opportunity for small businesses, and while it may require a little initial investment of your time (and potentially finance, depending on how far you want to go), it can be a worthwhile way to bring customers through your door.
You don’t have to go crazy – something as simple as a social media account that promotes your offering is a great way to connect with your customers, and is completely free. Encourage sharing on your posts to boost your reach to other users in your area who might be interested in your services – giveaways are also a great way to get people’s attention.
There are paid investments you can make in the digital realm too – as more and more internet users seek solutions to their buying and service needs online, gaining prominence on the web through techniques like SEO and PPC is a great way to increase your footfall.
- Look after your team
Research by Undercover Recruiter discovered that the recruitment of a new team member costs around £3000 per head.
And that’s just to get them through the door. Once they’ve signed the contract, there’s setup, equipment, training, and a whole host of other expenses that pushes the price tag of a shiny new team member way up.
The best way to avoid recruitment is to keep your staff happy. While this is easier said than done, there are plenty of things you can do to maximise employee engagement and help them feel fulfilled at work.
The most effective way to retain your staff is to communicate. Find out what they need from you as an employer to boost their job satisfaction and be responsive to their needs.
Looking to make some savings to boost your efficiency and balance your budget in 2023? We hope these tips help you take care of costs.
